The Board is responsible for managing the Company on behalf of its shareholders. In order to create and deliver sustainable shareholder value, the Board must establish the objectives and policies of the Company, set the overall strategic direction and ensure it is delivered within an appropriate framework of reward, incentive and control. The Board has four scheduled Board meetings each year, and uses a structured agenda to ensure all key areas are reviewed over the course of the year.
Certain responsibilities of the Board are delegated to Board Committees to assist the Board in carrying out its functions and to ensure independent oversight of internal control and risk management. Each Board Committee's terms of reference set out the specific matters for which delegated authority has been given.
The Board has delegated authority to four principal Board Committees:
• Remuneration and Nomination Committee: The Remuneration and Nomination Committee controls, monitors, and makes recommendations to the Board with respect to fees payable to the Investment Manager, Development Advisor, and Directors.
• Valuation Committee: The Valuation Committee is comprised of Nicholas Brooke (Chair), Nicholas Allen and Daniel McDonald. Investment properties are revalued at least annually and may be revalued more frequently if the Investment Manager or Valuation Committee believes there has been a material change in the value of a property. The valuation process consists of obtaining two valuations for each property from independent valuation companies.
• Divestment Committee: The Divestment Committee was established to provide independent oversight of the Investment Manager’s approach to divestment, further to the change to the Company’s investment strategy in 2012. Specifically, the Committee: ensures that each divestment is undertaken on a consistent, transparent and prudent basis; reviews and, if appropriate, recommends to the Board for approval divestment proposals presented by the Investment Manager.
• Audit Committee: The Audit Committee is responsible for assisting the Board in monitoring accounting policies and financial reporting practices of the Company.